The white-label version for Schwab RIAs, Institutional Intelligent Portfolios, launched on June 23.
Robo platforms could be “the next leg of growth for RIAs,” Bettinger added.
Institutional Intelligent Portfolios “dramatically lowers” cost for RIAs in servicing smaller clients, he said.
A segment of RIA firms have been concerned about robos, said Bernie Clark, head of Schwab Advisor Services. “But we’ve seen a 180-degree turn in the last year” as advisors see the enhanced technology and paperless processing on the robo platform as an opportunity, Clark said.
Bettinger said Schwab will also be white-labeling the robo platform for its bank clients.
“There’s a lot of interest” from the bank channel, he said.